End of Summer Is the Right Time to Check Your Mortgage Deal

Late summer is an easy time to let household admin slide, but for homeowners in Gosforth with a fixed-rate mortgage deal running out later in the year, it's actually one of the better times to take stock. RS Mortgages NE Ltd, a mortgage broker based in Gosforth specialising in mortgages, remortgages, buy-to-let and protection cover, sees a steady flow of homeowners each autumn who left their remortgage decision too late and paid more for it. Here's why checking now, before the season turns, is worth the twenty minutes it takes.

Why the run-up to autumn matters

Most lenders let you lock in a new mortgage rate three to six months before your current deal ends, and rates you secure now are protected even if the market moves before your old deal actually expires. Waiting until your fixed rate has already ended means falling onto your lender's standard variable rate, which is almost always considerably more expensive than either your old fixed rate or a new one arranged in good time.

Check your renewal date now, not in December

The most common mistake is simply not knowing when a current deal ends until the letter arrives. Dig out your original mortgage offer or check your annual statement and note the exact date. If it falls anywhere in the next six months, that's your cue to start the remortgage conversation now rather than waiting.

Winter weather and property condition

If you're planning any work on the property — a new roof, damp treatment, an extension — late summer and early autumn is also the sensible window to get quotes and finish major jobs before winter weather makes exterior work harder and more expensive. This matters for remortgaging too, since lenders' valuers do take visible property condition into account.

Buy-to-let landlords have their own seasonal considerations

For landlords, autumn often brings a changeover in tenancies around the start of the academic year, which is also a sensible trigger to review whether the current mortgage product still makes sense, particularly if rental income, interest rates or your portfolio has changed since you last checked.

Protection cover reviews belong in this conversation too

If your circumstances have changed since you last arranged life cover or income protection — a pay rise, a new dependant, a change in health — a remortgage review is a natural moment to check whether your existing cover is still right, rather than treating it as a separate task for another day.

Refreshing your Agreement in Principle

If you're planning to move rather than simply remortgage, it's worth getting a fresh Agreement in Principle rather than relying on an old one, since your income, credit file or the lending market may have shifted since it was issued. An up-to-date AIP also carries more weight with estate agents if you're planning to make an offer over the coming months.

What to have ready before you call a broker

Having your current mortgage statement, recent payslips or accounts, and a rough idea of the property's current value ready before your first conversation speeds things up considerably. It also means a broker can give you a realistic picture of your options in that first call, rather than a vague estimate pending paperwork.

The cost of doing nothing

Standard variable rates are typically several percentage points higher than a competitive fixed or tracker deal, which on an average mortgage balance can add hundreds of pounds a month. Reviewing your deal even a few months early, rather than letting it lapse, is one of the simplest pieces of financial admin that actually moves the needle on your monthly outgoings.

RS Mortgages NE Ltd, based in Gosforth and rated 5 stars from 8 Google reviews, works with homeowners and landlords across Newcastle on exactly this kind of remortgage planning. With autumn approaching, now is a sensible time for Gosforth homeowners to check where their current deal stands.